jinandtonix,
in my opinion don't jump into something too specific, if you are not sure about your choice you shouuld first understand that it's obviously better to have an idea before applying to business schools but at the same time many students in first year usually change their mind after discovering all the possible paths they can use after a MBA...
If you are not sure about all this, choose a school strong in both, finance and entrepreneurship, ...I mean it's very very important to take time to choose a school where you will be happy but also a school where you will be able to "market" yourself and where you will fit.
If you are an international applicant, the GMAT is important but I think that your extra activities and the diversity of your working experiences are definitely a key to differentiate yourself from the others. However, in your case, you should be prepare to a tougher competition because :
- indian pool is extremely competitive (IT even more)
- usually admission board understands that as a foreigner you may not score so high in verbal, in your case you scored 31 but the board will consider the fact that you lived for 6 years in Boston so I am not sure they will be so nice...but on that point you can definitely try to value more your working experience than your GMAT.
Finally, I think that if you are sure you can't score higher in the GMAT you can apply but if you do so you should spend a lot of time on your esays to try to offer another view. But honnestly, if you only take the GMAT one time and you got 650, you should try it again. Because I don't think that you could answer correctly to the question : "why didnt you try to raise your GMAT score knowing that you would like to attend our MBA program where our average is 699 (Stern) " for example...of course there is always an aswer but if you take it another time, it would show that at least you tried to get something better. However, you don't need to do so if you apply to schools with an average around your GMAT score.
Also don't see the essays as your ennemy but as your best friend, it is the possibility for you to tel them your unique story and to shine
you can do it ! Market yourself is the key...find the perfect angle to show yourself as an unusual and attractive applicant
good luck